The agreement entails the two firms exploring the conditions and policies required to develop CCS.
The two companies will also assess options for owning and chartering ships to carry liquid carbon dioxide (CO₂).
Shell carbon capture and storage vice-president Syrie Crouch said the firm intends to increase the global deployment of CCS to help contribute to its net-zero emissions target by 2050.
Crouch added: “Working with companies like Mitsui, we want to help unlock the potential of CCS in Asia Pacific, including Japan.”
Shell expected the agreement with the Japanese firm to support its ambition of having access to at least 25 million tonnes of CCS capacity per year by 2035.
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Mitsui Energy Business Unit 1 sustainable energy development division general manager Yasuchika Maruyama said: “We are pleased to explore the potential for CCS and CO₂ shipping with Shell. CCS will play an important role in the region to simultaneously achieve continued economic growth and reduced emissions.
“ArcMitsui is trying to develop approximately 15 million tonnes per annum of CCS capacity by 2035. By developing CCS opportunities, Mitsui aims to continue contributing to an environmentally sustainable society.”
Earlier this year, Shell unveiled plans to build a large-scale CCS project at its Scotford Complex, located adjacent to its 100%-owned refinery and chemicals plant near Edmonton in Alberta, Canada.
Under the first phase, the proposed CCS project will have the capacity to capture and store approximately 750,000 tonnes a year of CO₂ from the refinery and chemicals plant.